Empowered Funds LLC Sells 16,128 Shares of Covenant Logistics Group, Inc. $CVLG

Key Points

• Empowered Funds LLC has reduced its stake in Covenant Logistics Group by 8.5%, now owning approximately 0.65% of the company valued at $3.8 million.
• Covenant Logistics Group will pay a quarterly dividend of $0.07 on September 26, representing an annualized yield of 1.2%.
• Recently, Wall Street Zen downgraded the company from a "buy" to a "hold" rating, despite having a consensus "buy" rating with an average target price of $33.00.

Empowered Funds LLC lowered its position in Covenant Logistics Group, Inc. (NYSE:CVLG - Free Report) by 8.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,788 shares of the company's stock after selling 16,128 shares during the quarter. Empowered Funds LLC owned 0.65% of Covenant Logistics Group worth $3,836,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CVLG. Northeast Financial Consultants Inc boosted its stake in Covenant Logistics Group by 100.0% in the 1st quarter. Northeast Financial Consultants Inc now owns 40,000 shares of the company's stock worth $888,000 after buying an additional 20,000 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company's stock worth $3,981,000 after purchasing an additional 110,810 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Covenant Logistics Group in the 1st quarter valued at approximately $418,000. Petrus Trust Company LTA boosted its position in Covenant Logistics Group by 100.0% during the 1st quarter. Petrus Trust Company LTA now owns 21,300 shares of the company's stock valued at $473,000 after purchasing an additional 10,650 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Covenant Logistics Group by 108.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,586 shares of the company's stock worth $213,000 after acquiring an additional 4,985 shares during the period. Hedge funds and other institutional investors own 83.72% of the company's stock.

Covenant Logistics Group Price Performance

CVLG stock traded up $0.11 during midday trading on Thursday, reaching $22.67. 21,348 shares of the company's stock traded hands, compared to its average volume of 116,871. The company has a market cap of $567.20 million, a price-to-earnings ratio of 17.31 and a beta of 1.42. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The company has a 50-day simple moving average of $24.08 and a two-hundred day simple moving average of $22.89. Covenant Logistics Group, Inc. has a 1-year low of $17.46 and a 1-year high of $30.77.

Covenant Logistics Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. Covenant Logistics Group's dividend payout ratio is presently 21.37%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Covenant Logistics Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, Covenant Logistics Group has an average rating of "Buy" and a consensus target price of $33.00.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.